Weatherbys named Private Bank of the Year 2023

Weatherbys Private Bank picked up its second significant award in 2023 having been named UK Private Bank of the Year (UK) at last month’s Spear’s Awards 2023.

In making its decision the judging panel highlighted the bank’s “enviable” client satisfaction levels and praised how the bank has embraced technology while holding on to its traditional values embedded over its 253-year history of one-to-one relationship banking.

In its client satisfaction survey, some 98 per cent of Weatherbys clients said they felt valued, while 99 per cent were moderately or very pleased with the service. The judges also noted that the Bank’s net promoter score (NPS) score of 73, which is based on the “how likely are you recommend us” question was more than double the UK banking’s industry average.

In an excerpt from the award-winners brochure, Spear’s wrote: “Client satisfaction levels are enviable and there are signs of modernity everywhere. This ranges from the bank’s embrace of new technology and platforms (where half of all profits are now re-invested) to quelling the risk of fraud through educational seminars for clients and the bank’s own cybercrime prevention teams. One-on-one time with relationship managers is supplemented with vibrant events, such as ‘Creating the Future’ conferences which explore a set of ‘the world’s most challenging and exciting issues’.”

Oliver Barnett, Head of Private Clients at Weatherbys Private Bank, said: “We are thrilled to win this award – our second such recognition this year. It is a real testament to all the commitment from our staff – we are all working together to deliver the personal service our clients expect from a family-owned business with a history that stretches back more than 250 years.

“Relationship banking is ever more vital but it is always going to need to be backed up by fantastic technology. The more we work, live and breathe in a digital world with our smartphones always within reach, we believe we will come to value the human touch even more.”

The Spear’s Awards celebrate excellence in the private client world and have been running for more than 10 years. They acknowledge and honour entrepreneurs, philanthropists and others for their innovation, success and outstanding contribution to the wealth management world and beyond. Other private banks short-listed for the 2023 award included Hampden & Co, SG Kleinwort Hambros and HSBC Global Private Banking.

In the summer, Weatherbys Private Bank was named Outstanding Private Bank UK at this year’s Private Banking & Wealth Management Conference & Awards, with the judging panel recognising the outstanding service the Bank delivers to its clients and the strength of its business strategy.